Fuel Focus, August 5, 2016

Table of Contents

National Overview

Canadian Retail Gasoline Prices Decreased by 2 cents over the Last Two Weeks

For the two-week period ending August 2, 2016, the Canadian average retail gasoline price was $1.02 per litre. This is a decrease of 2 cents over the two-week period ending July 19, 2016. Prices are 16 cents per litre lower than the same period last year.

Average retail diesel prices decreased by 3 cents per litre to reach $0.98 per litre compared to the two-week period ending July 19, 2016. This is 11 cents less compared to the same period last year. Over the same period, furnace oil prices decreased by 1 cent to reach $0.96, 7 cents per litre less than a year ago.

Figure 1

The graph shows prices in cents per litre for gasoline at retail, gasoline excluding taxes, and Canadian Light Sweet and Brent crude oil prices. Gasoline prices ended the period of August 2, 2016 at 100.8 cents per litre, excluding taxes at 62.9 cents per litre, Canadian Light Sweet at 31.1 cents per litre and Brent at 36.2 cents per litre.

Dates

Gasoline at retail

Excluding Taxes

Canadian Light Sweet

Brent crude

06/01/2015

95.0

58.8

33.8

42.0

13/01/2015

91.5

55.7

30.5

38.1

20/01/2015

91.3

55.4

29.8

35.8

27/01/2015

92.5

56.5

30.3

37.6

03/02/2015

96.5

60.2

30.7

39.1

10/02/2015

101.2

64.5

34.7

44.2

17/02/2015

103.0

66.2

35.0

45.3

24/02/2015

103.7

66.8

35.7

47.7

03/03/2015

112.3

74.1

35.1

44.6

10/03/2015

108.6

70.6

35.4

47.4

17/03/2015

105.8

68.0

33.8

45.4

2015-03-24

107.3

69.5

31.6

43.7

2015-03-31

107.1

69.3

34.9

44.6

2015-04-07

108.1

70.2

35.6

44.2

2015-04-14

107.6

69.1

38.1

45.3

2015-04-21

109.70

72.8

40.5

46.8

2015-04-28

111.40

71.0

40.7

48.9

2015-05-05

114.5

75.3

41.8

49.9

2015-05-12

113.0

74.0

44.3

50.5

2015-05-19

113.6

74.6

44.5

50.1

2015-05-26

117.4

78.0

44.5

50.2

2015-06-02

119.0

79.4

44.6

49.8

2015-06-09

118.2

78.7

46.3

50.1

2015-06-16

123.6

83.7

46.0

50.0

2015-06-23

122.1

82.3

45.9

49.2

2015-06-30

120.6

80.9

44.4

49.4

2015-07-07

122.1

82.2

42.8

49.0

2015-07-14

123.5

83.5

38.1

46.0

2015-07-21

122.2

82.3

39.1

46.6

2015-07-28

118.4

78.9

36.5

45.8

2015-08-04

117.6

78.1

34.6

43.4

2015-08-11

114.5

75.5

30.3

40.7

2015-08-18

118.8

79.5

28.8

39.0

2015-08-25

114.1

75.3

29.0

37.8

2015-09-01

110.6

72.0

35.6

42.5

2015-09-08

108.9

70.4

35.1

40.4

2015-09-15

107.1

68.7

35.2

39.3

2015-09-22

106.1

67.9

35.2

39.3

2015-09-29

106.8

68.6

35.5

40.6

2015-10-06

105.7

67.6

35.2

40.2

2015-10-13

106.7

68.5

36.9

42.3

2015-10-20

104.6

66.7

37.8

40.0

2015-10-27

104.1

66.1

34.8

39.7

2015-11-03

107.2

68.9

35.4

40.1

2015-11-10

109.4

70.9

36.1

40.3

2015-11-17

104.8

66.7

33.6

38.1

2015-11-24

103.6

65.6

32.1

37.1

2015-12-01

104.7

66.5

31.9

38.1

2015-12-08

100.7

62.9

31.2

36.7

2015-12-15

101.3

63.5

28.3

34.0

2015-12-22

102.7

64.9

27.7

32.6

2015-12-29

102.1

64.3

28.4

32.3

2016-01-05

101.3

63.4

29.1

32.3

2016-01-12

96.8

59.4

26.6

30.5

2016-01-19

93.7

56.5

23.9

27.5

2016-01-26

91.3

54.3

22.1

26.5

2016-02-02

93.8

56.5

24.4

29.1

2016-02-09

88.6

51.8

23.7

29.8

2016-02-16

88.2

51.5

21.4

27.5

2016-02-23

90.1

53.4

23.2

29.0

2016-03-01

89.3

52.6

25.2

29.7

2016-03-08

96.8

59.4

27.7

31.3

2016-03-15

98.6

61.2

29.8

33.8

2016-03-22

96.9

59.6

29.8

33.4

2016-03-29

99.4

61.8

29.8

34.0

2016-04-05

98.7

61.2

28.3

32.4

2016-04-12

101.9

64.1

27.1

32.4

2016-04-19

102.8

64.8

29.8

35.3

2016-04-26

103.3

65.3

30.2

35.5

2016-05-03

106.6

68.3

32.6

37.1

2016-05-10

104.7

66.5

33.1

36.4

2016-05-17

107.8

69.5

34.8

37.8

2016-05-24

109.1

70.6

37.3

40.0

2016-05-31

108.9

70.5

38.3

40.4

2016-06-07

111.4

72.6

38.9

40.9

2016-06-14

109.7

71.1

39.0

41.3

2016-06-21

108.3

69.8

37.5

39.8

2016-06-28

107.5

69.0

37.0

41.3

2016-07-05

107.4

68.8

36.9

39.8

2016-07-12

103.1

65.0

34.8

39.2

2016-07-19

103.5

65.4

34.3

38.6

2016-07-26

102.4

64.2

33.2

38.2

2016-08-02

100.8

62.9

31.1

36.2

Figure 2: Weekly Regular Gasoline Prices

Text version

Figure 2

This graph shows the gasoline price trends from 2014 to 2016.

Date

2014 Gasoline at Retail

Date

2015 Gasoline at Retail

Date

2016 Gasoline at Retail

14-01-07

125.00

15-01-06

95.00

16-01-05

101.30

14-01-14

125.60

15-01-13

91.50

16-01-12

96.80

14-01-21

125.70

15-01-20

91.30

16-01-19

93.70

14-01-28

126.60

15-01-27

92.50

16-01-26

91.30

14-02-04

125.90

15-02-03

96.50

16-02-02

93.80

14-02-11

127.60

15-02-10

101.20

16-02-09

88.60

14-02-18

129.30

15-02-17

103.00

16-02-16

88.20

14-02-25

130.70

15-02-24

103.70

16-02-23

90.10

14-03-04

132.50

15-03-03

112.30

16-03-01

89.30

14-03-11

131.80

15-03-10

108.60

16-03-08

96.80

14-03-18

132.00

15-03-17

105.80

16-03-15

98.60

14-03-25

132.90

15-03-24

107.30

16-03-22

96.90

14-04-01

132.90

15-03-31

107.10

16-03-29

99.40

14-04-08

133.90

15-04-07

108.10

16-04-05

98.70

14-04-15

136.80

15-04-14

107.60

16-04-12

101.90

14-04-22

137.70

15-04-21

109.70

16-04-19

102.80

14-04-29

139.80

15-04-28

111.40

16-04-26

103.30

14-05-06

136.90

15-05-05

114.50

16-05-03

106.60

14-05-13

135.70

15-05-12

113.00

16-05-10

104.70

14-05-20

136.00

15-05-19

113.60

16-05-17

107.80

14-05-27

136.80

15-05-26

117.40

16-05-24

109.10

14-06-03

137.40

15-06-02

119.00

16-05-31

108.90

14-06-10

138.10

15-06-09

118.20

16-06-07

111.40

14-06-17

138.80

15-06-16

123.60

16-06-14

109.70

14-06-24

141.20

15-06-23

122.10

16-06-21

108.30

14-07-01

138.70

15-06-30

120.60

16-06-28

107.50

14-07-08

137.20

15-07-07

122.10

16-07-05

107.40

14-07-15

133.80

15-07-14

123.50

16-07-12

103.10

14-07-22

133.00

15-07-21

122.20

16-07-19

103.50

14-07-29

131.80

15-07-28

118.40

16-07-26

102.40

14-08-05

131.10

15-08-04

117.60

16-08-02

100.80

14-08-12

133.60

15-08-11

114.50

16-08-09

14-08-19

131.30

15-08-18

118.80

16-08-16

14-08-26

132.10

15-08-25

114.10

16-08-23

14-09-02

132.80

15-09-01

110.60

16-08-30

14-09-09

133.00

15-09-08

108.90

16-09-06

14-09-16

129.90

15-09-15

107.10

16-09-13

14-09-23

129.40

15-09-22

106.10

16-09-20

14-09-30

130.10

15-09-29

106.80

16-09-27

14-10-07

128.00

15-10-06

105.70

16-10-04

14-10-14

123.10

15-10-13

106.70

16-10-11

14-10-21

121.90

15-10-20

104.60

16-10-18

14-10-28

118.80

15-10-27

104.10

16-10-25

14-11-04

117.80

15-11-03

107.20

16-11-01

14-11-11

119.20

15-11-10

109.40

16-11-08

14-11-18

116.20

15-11-17

104.80

16-11-15

14-11-25

114.40

15-11-24

103.60

16-11-22

14-12-02

112.30

15-12-01

104.70

16-11-29

14-12-09

107.20

15-12-08

100.70

16-12-06

14-12-16

101.10

15-12-15

101.30

16-12-13

14-12-23

99.40

15-12-22

102.70

16-12-20

14-12-30

98.10

15-12-29

102.10

16-12-27

Table 1: Changes in Fuel Prices

¢/L

Two week average ending: 2016-08-02

Change from: 2 weeks ago

Change from: Last Year

Gasoline

101.6

-1.7

-16.4

Diesel

97.5

-2.6

-11.4

Furnace Oil

96.4

-1.4

-6.8

Natural Gas Prices in $CA/GJ

Alberta (NGX)

2.32

+0.15

-0.49

Ontario (Dawn)

3.39

+0.04

-0.26

Source: NRCan, Bloomberg

Table 2: Natural Gas Prices for Vehicles

2016-08-02

¢/kilogram

¢/L gasoline equivalent

¢/L diesel equivalent

Vancouver

123.9

81.7

84.7

Edmonton

115.0

75.9

78.7

Toronto

128.4

84.7

87.8

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

2016 Canadian Drilling Activity Forecast Update
On July 28, 2016, the Petroleum Services Association of Canada (PSAC), released its third update to their 2016 Canadian Drilling Activity Forecast. Their overall forecast remains the same as the previous update in April, which forecasted that slightly more than 3,300 wells would be drilled in 2016. This was down significantly from the 5,100 wells that they originally forecast in November 2015, would be drilled this year. They note that drilling activity is expected to be down by 31% in Alberta, 47% in Saskatchewan and by 8% in British Columbia. There was, however, an expected increase of 30% in the number of wells to be drilled in Manitoba.

Canadian Crude by Rail Export Volumes Down in May
On August 2, 2016, the National Energy Board (NEB) released data on Canadian crude oil exports by rail for May 2016. This data shows that crude by rail exports in May were at their lowest level this year, totalling 71,085 barrels per day (bpd). This is a 35% decrease from April, when crude by rail exports reached 109,000 bpd, their highest level this year. The decrease in the volume of crude by rail exports was likely impacted by the wildfires in Fort McMurray, Alberta which started in early May, and reduced Canadian crude oil production.

Lower Gasoline Prices Moderate the Rise in the Consumer Price Index
On July 22, 1016, Statistics Canada released the Consumer Price Index(CPI) for June 2016. The CPI rose by 1.5% over the past 12 months, which was unchanged from the the 1.5% increase of last month. When gasoline prices are excluded, the CPI increased by 1.9% in June year over year. Statistics Canada notes that gasoline prices were down by 8.5% year over year in June, which followed a 7.1% year over year decline in May.

Retail Gasoline Overview

For the period ending August 2, 2016, the four-week-average regular gasoline pump price in selected cities across Canada decreased by 3 cents to $1.03 per litre compared to the previous report of July 19, 2016. Compared to the same period in 2015, the average Canadian pump price is 18 cents per litre lower.

The four-week-average crude oil component decreased by 2 cents to reach an average of 35 cents over the period. The crude oil price component of gasoline is 5 cents per litre lower than this time last year.

Retail gasoline prices in Western centres decreased by 2 cents per litre compared to the previous report and ranged from $0.93 per litre to $1.21 per litre. Prices in Eastern cities decreased by 3 cents per litre and ranged from $0.96 to $1.23 per litre.

At the national level, refining and marketing costs and margins were 29 cents per litre, one cent per litre less than in the previous report and 11 cents per litre lower than this time last year.

Figure 4

This graph shows the trend in wholesale gasoline prices for selected centres in Canada and the U.S.

DATE

Halifax

Braintree

Montreal

Rochester

Toronto

Buffalo

Edmonton

Grand Forks

Vancouver

Seattle

Thu 01-Jan-15

50.20

45.88

51.30

47.82

51.70

52.04

47.20

42.25

51.20

41.16

Thu 08-Jan-15

46.90

43.19

50.60

44.81

47.30

48.09

45.00

42.87

48.50

40.72

Thu 15-Jan-15

46.60

42.30

50.30

43.50

47.20

46.68

44.20

43.28

47.00

37.04

Thu 22-Jan-15

47.20

45.26

50.50

45.67

47.20

49.64

43.90

45.92

47.00

39.15

Thu 29-Jan-15

48.20

47.00

51.00

48.37

48.00

50.44

48.40

48.80

48.80

42.85

Thu 05-Feb-15

52.90

50.65

54.60

51.75

52.20

54.13

52.10

53.44

54.60

50.12

Thu 12-Feb-15

56.20

53.56

57.40

54.19

55.40

57.51

56.70

56.48

59.40

53.76

Thu 19-Feb-15

55.60

55.91

57.70

54.23

55.40

58.78

54.70

60.87

60.40

57.33

Thu 26-Feb-15

60.80

57.71

62.30

58.17

60.20

62.69

58.60

65.23

70.30

68.96

Thu 05-Mar-15

61.20

56.75

63.80

57.62

61.20

62.49

56.30

65.32

71.60

63.08

Thu 12-Mar-15

59.30

55.45

62.70

56.74

59.80

62.36

58.20

63.71

66.40

59.34

Thu 19-Mar-15

57.90

54.71

61.40

55.89

58.30

60.60

63.00

63.29

65.20

59.76

Thu 26-Mar-15

58.10

58.24

62.00

57.84

58.90

60.60

60.10

64.71

66.30

63.29

Thu 02-Apr-15

59.60

58.97

63.70

57.44

60.80

58.31

57.10

59.91

66.20

59.80

Thu 09-Apr-15

59.60

54.12

60.70

58.63

57.80

60.01

55.90

58.28

63.30

59.94

Thu 16-Apr-15

62.10

63.74

65.30

63.38

63.10

63.81

59.20

63.94

68.60

64.41

Thu 23-Apr-15

60.70

64.33

64.20

62.59

62.20

64.43

57.80

63.33

68.60

66.20

Thu 30 Apr-15

61.70

65.85

64.70

63.49

63.50

65.56

57.40

65.51

72.60

70.92

Thu 7 May-15

63.50

63.07

66.60

61.79

65.20

63.39

60.20

63.71

73.80

67.87

Thu 14 May-15

63.30

65.00

66.20

64.04

65.20

65.64

60.70

66.92

72.90

70.76

Thu 21-May-15

66.80

64.92

69.10

64.28

68.40

64.92

65.00

67.13

75.70

72.83

Thu 28-May-15

65.70

63.55

68.50

63.23

67.90

64.52

62.90

69.68

74.60

70.32

Thu 04-Jun-15

69.00

66.58

71.90

64.27

71.40

66.25

68.20

72.51

71.20

70.54

Thu 11-Jun-15

71.00

69.89

73.30

69.08

73.70

71.22

72.40

78.00

79.90

78.13

Thu 18-Jun-15

70.30

68.14

72.70

67.49

73.80

69.44

71.70

74.98

81.20

78.24

Thu 25-Jun-15

68.90

65.15

71.20

64.18

72.90

66.12

69.00

71.60

78.60

75.15

Thu 02-Jul-15

70.50

65.89

72.40

65.23

74.20

66.54

68.90

73.39

76.80

73.39

Thu 9-Jul-15

72.30

69.94

73.70

68.60

74.60

68.26

68.70

78.01

76.60

79.02

Thu 16-Jul-15

65.40

65.29

68.50

64.60

71.10

65.97

67.40

86.48

77.10

76.57

Thu 23-Jul-15

65.80

64.02

69.30

62.65

71.50

65.40

69.90

81.58

77.60

74.35

Thu 30-Jul-15

63.80

63.32

67.20

62.28

69.20

63.66

68.50

77.08

75.60

72.95

Thu 06-Aug-15

61.80

58.98

65.60

59.33

67.40

61.06

68.60

75.98

73.50

65.57

Thu 13-Aug-15

64.90

61.15

68.10

61.84

69.10

62.88

81.80

87.41

74.20

69.79

Thu 20-Aug-15

58.20

54.94

61.90

55.63

62.50

58.05

71.10

72.56

70.60

63.58

Thu 27-Aug-15

51.80

52.64

55.30

54.73

55.50

54.73

56.70

64.15

62.30

58.92

Thu 03-Sep-15

58.60

55.09

62.50

60.67

62.30

60.67

62.20

64.51

64.80

55.44

Thu 10-Sep-15

55.40

52.73

58.70

55.18

58.00

57.62

59.80

62.51

59.50

48.89

Thu 17-Sep-15

53.30

51.21

56.70

52.25

56.10

56.43

64.20

64.44

58.00

50.51

Thu 24-Sep-15

54.10

51.85

57.10

52.20

56.70

55.02

66.20

67.01

60.50

49.73

Thu 01-Oct-15

54.70

51.42

57.80

53.17

57.50

55.27

71.80

71.36

58.20

45.83

Thu 08-Oct-15

54.00

50.55

58.00

52.62

57.10

55.71

69.90

73.59

58.80

49.18

Thu 15-Oct-15

52.00

50.11

55.50

48.75

54.60

51.47

60.70

64.09

59.80

49.09

Thu 22-Oct-15

50.60

50.83

55.20

50.13

54.50

52.55

62.00

59.81

59.30

47.02

Thu 29-Oct-15

52.50

51.14

56.90

51.84

56.60

52.88

63.80

59.84

63.00

52.54

Thu 05-Nov-15

55.20

51.13

59.50

52.87

59.70

53.57

66.50

58.09

71.90

56.70

Thu 05-Nov-15

55.20

51.13

59.50

52.87

59.70

53.57

66.50

58.09

71.90

56.70

Thu 12-Nov-15

53.20

49.57

57.60

58.40

51.32

58.20

49.92

68.10

49.57

Thu 26-Nov-15

54.60

51.65

59.40

53.41

59.70

55.86

51.80

51.30

69.40

49.54

Thu 03-Dec-15

50.60

52.01

55.20

52.72

55.80

52.72

48.30

49.18

65.70

49.89

Thu 10-Dec-15

49.00

52.81

53.80

50.65

53.40

51.73

50.60

51.01

63.70

51.01

Thu 17-Dec-15

50.30

54.25

55.10

50.93

54.80

51.30

50.60

50.93

67.10

57.94

Thu 24-Dec-15

50.30

50.11

55.40

50.11

55.20

50.47

52.50

49.01

67.80

58.89

Thu 31-Dec-15

50.20

48.63

55.30

48.63

55.20

50.09

52.30

50.09

65.00

51.19

Thu 07-Jan-16

47.30

54.60

53.10

46.43

53.70

50.89

45.20

44.57

59.20

39.75

Thu 14-Jan-16

44.20

42.91

49.60

44.80

50.10

52.02

40.00

41.77

49.70

37.59

Thu 21-Jan-16

44.20

43.76

49.40

43.16

49.70

51.70

37.10

38.00

50.70

34.99

Thu 28-Jan-16

44.00

43.05

48.80

44.61

49.30

51.08

35.70

37.55

51.70

36.32

Thu 04-Feb-16

41.60

39.20

46.40

40.54

46.70

49.82

35.30

30.91

52.70

35.35

Thu 11-Feb-16

39.40

36.50

43.90

38.49

44.10

41.77

34.10

32.42

53.70

38.38

Thu 18-Feb-16

41.40

37.15

45.50

38.64

45.80

41.72

43.40

38.93

54.70

35.63

Thu 25-Feb-16

41.70

39.23

45.80

40.70

46.10

43.39

43.30

48.04

55.70

42.32

Thu 03-Mar-16

41.70

38.07

46.20

41.97

46.40

39.24

45.90

48.68

56.40

41.37

Thu 10-Mar-16

46.20

43.03

51.20

44.65

51.50

46.63

52.00

53.49

58.80

44.44

Thu 17-Mar-16

46.20

42.53

51.10

43.77

51.60

45.31

50.80

50.80

57.90

43.56

Thu 24-Mar-16

49.40

46.76

53.50

47.57

54.40

48.02

50.20

53.21

57.60

43.75

Thu 31-Mar-16

48.70

47.08

53.50

49.10

53.90

50.37

49.30

51.06

58.70

41.80

Thu 07-Apr-16

49.20

47.43

53.70

48.79

54.10

50.32

49.80

51.12

56.10

45.38

Thu 14-Apr-16

53.60

50.97

58.30

51.51

59.30

53.07

54.90

53.24

59.20

45.78

Thu 21-Apr-16

52.60

51.07

56.50

52.41

58.10

53.29

53.30

52.04

57.80

50.70

Thu 28-Apr-16

55.30

48.71

58.10

52.69

60.90

55.01

57.20

54.35

63.50

55.34

Thu 05-May-16

52.30

50.59

54.10

52.97

58.00

56.02

52.20

61.12

61.60

45.50

Thu 12-May-16

55.90

53.33

57.60

54.01

61.30

55.71

57.00

58.76

64.10

56.73

Thu 19-May-16

58.40

56.13

60.80

56.48

64.00

58.56

60.60

66.53

63.80

55.78

Thu 26-May-16

59.00

55.21

60.80

55.21

64.20

57.27

64.20

65.84

62.80

54.87

Thu 02-Jun-16

57.80

55.63

59.70

55.63

63.10

58.40

67.20

68.76

65.40

58.74

Thu 09-Jun-16

56.40

53.47

60.10

54.15

62.10

55.49

77.00

61.55

66.60

55.49

Thu 16-Jun-16

53.20

49.61

56.70

50.30

59.00

51.68

60.60

57.19

63.00

52.71

Thu 23-Jun-16

55.90

52.89

59.40

53.23

62.10

54.91

59.40

60.97

67.00

56.59

Thu 30-Jun-16

53.80

50.52

57.70

51.55

61.10

53.27

58.80

56.70

69.80

59.11

Thu 07-Jul-16

51.00

45.96

54.60

46.99

58.20

49.39

56.90

55.57

65.40

53.85

Thu 14-Jul-16

49.60

47.64

52.80

49.02

57.00

51.07

54.90

56.90

64.60

56.90

Thu 21-Jul-16

49.30

45.88

52.50

47.60

56.10

48.64

54.30

55.19

62.50

51.74

Thu 28-Jul-16

49.00

44.88

52.00

46.27

55.60

48.71

54.80

53.23

58.60

48.36

Sources: NRCan, Bloomberg Oil Buyers Guide

Gasoline Refining and Marketing Margins

Four-week rolling averages are used for gasoline refining and marketing margins.

The gasoline refining margin refers to the difference between the price of crude oil and the wholesale price at which the refiner can sell gasoline. The margin includes the costs associated with refining the product as well as a profit for the refiner.

Nationally, the four-week rolling average refining margin for the period ending August 2, 2016 was 20.9 cents per litre, which is one cent per litre lower than for the four-week period ending July 19, 2016.

Compared to the same time last year, refining margins in Canada are 9 cents per litre lower.

The gasoline marketing margin refers to the difference between the wholesale and retail price of gasoline before taxes are applied. This margin represents the costs associated with operating a service station.

Overall, the four-week average national marketing margins fell by 1 cent to reach 8 cents per litre for the four weeks ending August 2, 2016.

Figure 5

These graphs show the trend in refining and marketing costs and margins for selected centres in Canada and the national average.

4-week rolling average

Canada

Vancouver

Calgary

Toronto

Montreal

Halifax

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

2014-01-07

7.7

16.4

5.2

20.8

7.6

18.6

7.4

25.3

4.7

8.1

6.3

7.4

2014-01-14

7.3

16.7

5.5

21.2

6.8

19.7

7.6

25.6

4.1

8.7

5.8

8.1

2014-01-21

7.9

16.3

5.2

20.1

7.0

19.4

7.6

24.3

6.4

8.1

6.6

7.7

2014-01-28

7.9

15.6

6.6

20.1

6.7

20.1

8.7

24.1

7.8

6.9

7.4

6.7

2014-02-04

7.6

16.1

5.5

20.0

6.7

21.3

8.0

24.2

8.2

6.5

8.1

6.7

2014-02-11

7.3

16.4

5.0

16.9

6.1

18.0

8.0

20.7

7.8

6.5

7.6

7.3

2014-02-18

7.0

15.0

4.6

16.4

6.7

17.7

7.9

20.3

6.6

7.2

7.6

8.7

2014-02-25

6.5

14.3

4.3

12.5

6.5

14.3

7.8

16.8

5.1

8.2

7.4

10.2

2014-03-04

6.3

14.1

4.0

11.8

6.7

13.3

7.2

15.0

5.0

9.1

7.4

11.6

2014-03-11

6.7

12.6

4.7

14.0

7.3

16.0

7.1

16.0

5.3

9.1

8.8

11.2

2014-03-18

7.1

13.3

5.9

15.3

6.5

17.9

7.6

15.7

6.3

8.5

9.6

10.4

2014-03-25

7.7

14.3

6.8

19.7

7.4

22.1

7.8

18.0

6.6

8.4

9.6

9.7

2014-04-01

8.1

15.1

8.3

21.5

7.3

24.1

8.4

18.9

7.0

8.4

9.4

8.7

2014-04-08

8.1

16.6

8.3

22.4

8.1

24.5

8.5

19.0

6.8

9.5

8.4

9.3

2014-04-15

7.8

18.2

8.5

23.7

9.0

24.9

8.4

20.3

5.8

11.1

7.1

11.0

2014-04-22

7.8

18.9

8.6

24.4

8.5

25.2

8.6

21.3

5.7

11.5

7.2

12.1

2014-04-29

8.0

20.0

8.7

26.0

9.3

26.1

8.7

23.0

5.9

12.2

8.2

13.2

2014-05-06

8.4

20.3

9.0

26.7

9.6

26.3

8.8

23.7

6.4

12.3

9.4

14.0

2014-05-13

8.7

19.8

8.4

27.4

9.9

26.0

8.5

23.5

7.4

11.5

10.0

13.3

2014-05-20

8.6

19.6

8.1

27.2

9.7

25.2

8.2

22.9

8.0

11.0

9.6

12.3

2014-05-27

8.0

19.4

7.7

27.2

7.9

24.8

7.8

22.5

8.0

10.8

8.4

12.1

2014-06-03

7.7

18.8

7.4

26.4

7.4

23.9

7.7

21.4

8.1

10.6

8.1

11.3

2014-06-10

7.4

19.4

7.3

26.4

6.9

24.3

7.6

22.0

7.7

11.2

7.8

11.3

2014-06-17

7.3

19.8

7.1

26.9

6.8

24.7

7.3

23.0

7.6

10.8

7.7

10.7

2014-06-24

7.8

19.9

7.3

28.5

8.6

25.7

7.7

24.8

7.6

11.0

8.0

10.5

2014-07-01

7.8

20.7

6.9

29.1

9.3

25.1

7.3

25.8

6.9

11.3

7.8

10.7

2014-07-08

8.2

20.0

7.7

28.0

10.0

24.0

7.7

25.6

7.1

10.8

8.2

10.3

2014-07-15

8.6

19.4

7.6

27.9

11.4

23.8

7.8

26.4

6.9

12.2

8.9

11.6

2014-07-22

8.4

19.0

7.3

26.2

11.2

22.4

7.1

25.6

7.2

11.6

8.7

11.3

2014-07-29

8.3

18.4

7.9

25.1

9.9

22.0

7.4

25.2

7.1

11.1

8.3

11.0

2014-08-05

7.9

18.2

7.6

24.6

8.9

21.6

7.2

24.4

7.2

10.4

8.1

10.4

2014-08-12

8.0

18.4

8.1

25.1

9.7

21.8

7.3

24.4

7.8

10.3

7.6

10.5

2014-08-19

8.6

17.8

8.3

25.2

10.5

22.3

7.3

24.2

7.0

10.1

7.8

10.4

2014-08-26

8.6

18.6

8.1

25.9

11.4

23.4

6.9

24.5

7.5

11.3

7.2

11.6

2014-09-02

8.4

19.5

7.9

26.6

11.8

24.5

6.8

24.7

7.4

12.2

7.0

12.5

2014-09-09

8.5

19.6

7.6

26.4

10.1

25.2

7.1

24.1

7.6

13.4

7.5

13.3

2014-09-16

8.0

20.1

8.2

25.4

8.5

25.4

7.6

22.9

7.7

13.4

7.8

13.3

2014-09-23

8.2

19.3

8.3

24.1

7.8

24.8

8.0

21.8

7.8

13.8

8.1

13.7

2014-09-30

8.1

19.2

8.6

22.2

7.5

24.4

7.9

21.6

7.3

14.3

8.0

14.2

2014-10-07

8.4

18.1

9.2

20.2

9.2

23.7

7.6

20.8

7.2

14.5

8.9

14.9

2014-10-14

8.8

17.0

8.6

17.9

11.0

22.1

7.7

19.2

8.0

13.2

9.6

13.9

2014-10-21

9.2

15.7

9.2

17.7

12.4

23.0

7.7

20.4

8.8

14.5

9.3

15.4

2014-10-28

9.6

13.4

8.5

16.5

13.8

21.1

8.0

18.8

9.2

12.5

9.6

13.5

2014-11-04

9.3

15.2

8.1

18.5

12.3

22.2

8.4

19.9

9.4

11.5

8.9

12.3

2014-11-11

9.2

16.2

8.3

19.7

10.5

21.9

8.7

20.2

9.9

10.6

7.5

11.1

2014-11-18

9.2

16.4

8.4

22.4

10.7

22.9

8.8

21.4

9.1

11.0

8.5

11.3

2014-11-25

9.2

16.8

9.4

22.7

10.9

22.7

8.7

21.4

9.4

10.8

8.3

11.0

2014-12-02

9.4

16.8

9.4

22.9

11.8

22.4

8.8

22.2

9.1

13.1

8.5

12.9

2014-12-09

9.7

15.7

9.9

19.4

13.2

19.6

8.8

20.1

8.9

11.5

9.4

11.1

2014-12-16

9.5

14.2

9.5

19.2

12.5

20.2

8.5

20.9

9.1

12.5

9.3

11.7

2014-12-23

9.4

13.8

9.5

18.3

11.8

19.4

8.8

20.1

9.1

11.9

9.0

10.4

2014-12-30

9.6

12.9

9.8

17.5

11.8

18.4

8.9

19.0

9.7

10.3

9.0

8.9

2015-01-06

9.4

12.5

9.7

18.1

11.3

18.3

9.1

18.9

8.8

11.2

9.0

9.0

2015-01-13

9.6

13.0

10.1

17.6

10.7

17.1

9.4

17.8

8.9

11.6

9.0

8.9

2015-01-20

9.5

12.9

9.9

17.1

10.9

16.7

9.4

17.1

8.3

12.1

8.8

9.0

2015-01-27

8.7

13.9

9.4

17.2

8.9

17.4

9.3

17.0

7.0

12.7

7.9

9.2

2015-02-03

7.6

16.1

8.6

18.9

7.5

19.3

8.5

18.3

5.7

14.0

6.1

11.0

2015-02-10

7.5

17.2

8.6

19.3

7.6

19.6

8.6

18.0

5.5

11.8

5.4

9.4

2015-02-17

7.6

18.0

9.3

21.9

7.6

21.9

9.0

19.4

5.3

12.5

5.8

10.6

2015-02-24

7.8

18.5

10.1

23.7

8.6

22.5

9.3

20.0

5.0

12.0

6.2

10.4

2015-03-03

9.5

19.1

11.3

27.3

10.8

23.7

10.2

21.7

7.7

13.2

7.7

11.6

2015-03-10

9.5

20.2

10.5

30.6

11.0

24.4

10.1

23.6

7.3

14.5

8.9

12.6

2015-03-17

9.4

20.9

9.7

32.1

9.7

24.7

9.6

24.4

8.3

15.8

9.9

13.4

2015-03-24

9.5

22.6

8.2

34.7

9.2

27.1

8.6

26.2

9.2

16.8

10.3

13.9

2015-03-31

8.6

22.3

7.5

33.3

7.6

27.3

8.0

25.7

8.4

17.3

10.9

13.9

2015-04-07

8.6

22.4

7.9

31.2

7.2

26.5

7.9

24.4

9.1

17.2

10.6

13.4

2015-04-14

8.7

21.9

8.3

30.1

7.4

25.1

8.1

23.5

9.2

17.1

10.6

13.2

2015-04-21

8.6

20.7

9.2

27.3

7.5

21.7

8.5

21.4

8.7

16.4

10.6

12.6

2015-04-28

8.8

20.0

9.0

27.3

7.8

19.6

8.4

21.2

8.6

16.0

10.6

12.3

2015-05-05

9.2

19.6

9.6

28.2

6.8

18.9

8.8

21.2

8.3

15.7

10.5

12.4

2015-05-12

9.3

19.2

9.7

29.7

7.9

19.0

8.8

21.8

7.8

15.8

11.0

12.5

2015-05-19

9.2

19.3

10.0

29.6

7.0

18.5

9.1

21.2

7.9

16.0

11.1

12.9

2015-05-26

9.0

20.1

10.3

30.0

7.1

19.7

9.0

21.9

7.9

17.0

10.6

14.0

2015-06-02

9.8

20.0

10.6

29.1

9.4

19.5

9.7

21.3

8.9

17.1

11.3

14.1

2015-06-09

9.9

20.7

10.0

29.6

9.9

20.9

9.6

22.4

9.2

18.2

10.9

15.4

2015-06-16

10.2

22.6

10.1

30.6

12.0

23.0

9.6

23.8

8.9

20.1

10.2

17.4

2015-06-23

10.2

23.5

9.4

31.3

12.3

24.0

9.7

24.4

8.7

20.7

10.6

18.1

2015-06-30

9.2

25.0

8.4

33.6

10.6

26.9

8.7

27.4

7.9

22.5

9.6

20.2

2015-07-07

9.4

26.1

9.2

34.1

10.5

28.1

9.1

28.7

8.2

23.3

8.4

21.1

2015-07-14

9.6

27.6

9.2

37.0

9.8

30.8

9.4

32.4

9.1

23.7

8.4

21.6

2015-07-21

10.0

28.6

10.3

37.8

6.9

31.5

9.8

33.3

9.7

23.7

8.4

21.4

2015-07-28

9.6

30.0

10.2

42.8

8.2

36.5

9.7

37.6

9.1

26.6

8.8

23.9

2015-08-04

9.1

31.2

9.8

44.6

5.6

38.2

9.7

38.4

8.6

27.0

8.9

23.9

2015-08-11

8.5

31.2

8.7

44.8

6.2

39.6

8.8

38.0

7.5

26.7

9.3

23.3

2015-08-18

6.2

32.8

8.5

43.7

6.6

42.3

8.6

36.9

6.7

26.4

8.9

22.9

2015-08-25

6.9

33.0

9.1

41.4

10.2

41.6

9.1

34.6

6.4

25.1

8.9

21.6

2015-09-01

5.1

32.0

9.8

38.5

13.8

39.5

9.6

32.2

6.5

23.1

8.0

19.7

2015-09-08

5.2

30.0

10.4

36.0

12.8

37.4

10.0

30.6

6.2

22.6

7.4

19.0

2015-09-15

6.5

26.4

10.3

30.9

12.4

31.6

10.4

27.2

6.3

20.3

7.8

16.7

2015-09-22

6.1

24.0

10.0

26.0

11.2

28.7

10.1

23.6

7.0

18.6

7.5

15.0

2015-09-29

8.0

22.7

9.3

24.8

10.2

30.5

9.3

22.9

7.1

18.6

8.1

15.1

2015-10-06

8.2

22.1

8.7

23.1

11.9

30.7

9.2

21.1

7.3

16.6

8.3

13.4

2015-10-13

8.6

21.9

8.8

23.4

12.8

32.3

8.7

20.5

6.9

15.8

7.9

12.6

2015-10-20

8.8

20.9

9.1

23.4

14.1

30.9

8.5

19.8

6.5

15.9

7.7

12.6

2015-10-27

8.9

20.4

9.4

22.8

13.9

29.3

8.6

18.9

6.4

15.3

7.6

11.6

2015-11-03

9.0

20.6

10.8

24.9

12.3

29.8

9.0

19.6

6.9

16.1

7.2

12.1

2015-11-10

9.1

21.4

10.6

28.4

12.3

29.5

9.0

20.9

7.0

16.7

7.1

12.4

2015-11-17

8.9

22.4

9.5

31.3

11.9

29.4

8.7

22.7

6.9

18.1

7.5

13.7

2015-11-24

9.3

22.6

9.6

33.4

12.8

26.4

8.7

23.5

6.6

18.5

7.7

14.1

2015-12-01

9.1

22.9

9.0

36.1

12.6

25.0

8.6

25.8

5.5

19.9

7.8

15.4

2015-12-08

8.8

22.3

8.7

35.1

10.7

22.0

8.5

25.2

5.2

19.1

8.6

14.5

2015-12-15

8.6

22.9

9.7

35.4

8.7

22.0

9.1

25.5

4.8

17.7

7.6

14.9

2015-12-22

8.2

24.2

9.5

36.7

8.3

23.9

9.2

26.4

3.7

17.8

7.5

16.0

2015-12-29

8.3

24.6

9.5

38.3

8.5

25.8

9.2

27.0

4.0

22.3

7.7

17.4

2016-01-05

8.3

25.6

9.7

38.0

8.3

26.4

9.6

27.3

3.4

23.0

7.0

17.9

2016-01-12

8.2

25.4

8.6

37.4

9.4

25.9

8.8

28.1

3.5

24.3

8.2

19.0

2016-01-19

8.4

24.3

8.4

33.6

9.0

22.9

8.3

26.9

5.3

23.5

8.7

18.0

2016-01-26

8.6

23.5

8.1

31.4

9.6

21.5

7.9

27.5

6.8

23.9

8.9

18.4

2016-02-02

9.2

22.1

8.0

28.7

11.0

18.9

7.5

26.6

8.6

22.9

9.2

17.5

2016-02-09

9.5

21.6

8.8

27.7

11.2

17.9

7.6

26.4

9.8

21.7

8.5

16.4

2016-02-16

9.5

22.0

8.8

27.4

11.2

17.6

7.6

26.1

9.8

21.1

8.5

15.8

2016-02-23

9.8

18.1

10.8

25.0

10.1

14.0

10.0

22.2

6.2

17.2

7.7

12.8

2016-03-01

8.7

18.0

10.4

26.3

7.5

15.9

10.0

21.3

3.8

16.5

7.6

12.3

2016-03-08

8.1

18.6

10.4

25.4

6.9

16.4

10.1

18.3

2.5

14.5

6.7

10.4

2016-03-15

8.3

18.9

9.8

26.6

8.5

19.5

9.6

18.5

4.5

15.2

6.4

10.8

2016-03-22

8.0

19.3

9.2

26.9

8.3

20.3

9.9

18.3

3.9

15.2

6.8

10.6

2016-03-29

8.3

20.2

9.3

27.5

9.7

21.8

10.0

19.9

4.2

16.7

7.2

11.9

2016-04-05

8.5

21.4

9.1

29.0

9.2

23.7

10.0

22.8

5.3

19.1

8.9

14.2

2016-04-12

8.5

22.7

9.0

29.2

9.2

24.1

10.3

24.4

4.1

20.4

9.8

15.7

2016-04-19

8.5

23.9

9.1

28.9

9.5

24.5

10.1

25.7

4.0

20.9

10.3

16.4

2016-04-26

8.5

24.4

9.3

29.0

8.4

25.1

10.2

26.5

5.1

21.0

10.6

16.8

2016-05-03

8.9

24.8

9.6

27.9

9.5

24.6

10.1

25.7

5.7

20.3

9.5

16.6

2016-05-10

9.0

24.0

9.7

28.5

8.7

24.5

9.9

25.8

6.9

19.8

9.9

16.8

2016-05-17

9.4

23.7

10.3

27.3

9.0

22.9

10.3

24.0

7.8

18.5

9.0

16.2

2016-05-24

9.3

23.6

9.8

27.8

10.4

24.4

10.3

24.8

6.5

19.3

9.0

17.2

2016-05-31

8.8

23.4

10.0

25.7

8.6

24.1

10.3

23.4

5.2

18.4

9.5

16.5

2016-06-07

8.6

23.9

10.1

25.9

9.1

27.0

10.0

23.8

3.6

19.3

9.4

17.0

2016-06-14

8.0

23.9

9.5

26.1

8.2

30.5

9.5

23.5

2.2

19.5

10.5

16.8

2016-06-21

8.6

23.2

9.7

26.3

9.5

30.0

9.3

22.4

3.2

18.5

10.5

15.6

2016-06-28

8.8

22.7

9.3

27.9

11.0

29.4

9.2

22.6

3.8

18.1

9.1

14.7

2016-07-05

8.7

22.3

8.8

29.2

9.8

27.6

9.2

22.6

4.4

17.7

8.5

14.1

2016-07-12

8.8

21.4

9.2

30.7

10.1

24.8

9.4

22.9

4.4

16.9

8.2

13.3

2016-07-19

8.2

21.5

9.2

31.6

8.3

24.2

8.9

23.3

4.1

16.6

5.9

14.8

2016-07-26

8.3

21.1

9.4

32.9

7.2

25.3

9.1

24.0

4.5

16.3

6.3

14.6

2016-08-02

8.2

20.9

9.6

30.7

8.5

24.8

8.9

23.2

3.8

15.3

6.3

13.8

Source: NRCan

Crude Oil Overview

For the two weeks ending August 2, 2016, prices for the three light crude benchmarks averaged between CAD$312.52/m3 and CAD$364.23/m3 (U.S.$37.86 and U.S.$44.12 per barrel).

Canadian light crude oil prices at Edmonton decreased by CAD$30.95/m3 (U.S.$4.12 per barrel) from two weeks ago, West Texas Intermediate (WTI) decreased by CAD$24.64/m3 (U.S.$3.39 per barrel) and Brent decreased by CAD$21.48/m3 (U.S.$3.02 per barrel). The price of Western Canada Select decreased by CAD $29.98/m3 (U.S.$3.91) from two weeks ago.

For the week ending July 29, 2016, the U.S. Energy Information Administration (EIA) data showed a 2.5 million barrel increase in crude oil inventories from the previous week, to reach a total of 522.5 million barrels. For refined product inventories, gasoline stocks decreased by 3.3 million barrels, while distillate stockpiles, including diesel and heating oil, increased by 1.2 million barrels.

EIA data also showed that U.S. refinery crude runs increased by an average of 266,000 barrels per day last week as utilization rates increased by 0.1 percentage point to reach 93.3 percent of capacity.

Figure 6: Crude Oil Price Comparisons

Text version

Figure 6

This graph shows crude oil prices for Canadian Light Sweet, WTI, Brent and WCS. The average weekly prices for the month of July 2016, were $36.39/cubic metre, $366.93/cubic metre, $381.86/cubic metre and $251.34/cubic metre for the Canadian Light, WTI, Brent and WCS, respectively.